PHOTO
The Middle East Broadcasting Center (MBC) logo is seen atop of a building in Dubai's Media City 16 February 2003, four days prior to the launching of the new Al-Arabiya 24-hour satellite news channel. (Photo by NASSER YOUNES / AFP).
RIYADH — MBC Group has announced that Istedamah Holding Company, a substantial shareholder in the company, has signed a binding share sale and purchase agreement (SPA) with the Public Investment Fund (PIF).
Under the terms of the agreement, Istedamah will sell its entire 54% stake in MBC Group, totaling 179,550,000 shares, to PIF in a private transaction valued at SR7.469 billion, equating to SR41.60 per share.
Completion of the transaction is subject to several conditions, including necessary regulatory approvals. Once finalized, the transaction will be executed as a negotiated deal following the Saudi Exchange’s (Tadawul) Trading and Membership Procedures.
Upon completion, PIF will hold a majority stake of 54% in MBC Group.
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